MicroStrategy’s $4.2B preferred stack is a ticking dividend bomb 💣
🧨 Total preferred dividend burden: $337M/year 🧾
Add $68M in debt = $405M cash needed
🧨 Why it matters:
BTC holdings (~$74B) yield nothing.
Software biz can't fund the dividend.
2025–2027: key convertible maturities hit.
STRC stretch preferred adds compounding pressure.
-- May rely on equity sales = dilution risk.
Watch out for earnings, if MSTR has plans to use the bitcoin holdings
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